Tax Returns 

Self Assessment Tax returns can cause many self employed people a lot of concern and stress each year. In our inclusive fees, preparation of your Self Assessment Tax Return will be completed automatically once your annual accounts have been agreed with you. If you are in a Partnership we can complete the required annual Partnership Tax Return.

We use H M Customs & Revenue approved software to;

Our fees for completing your Self Assessment Tax Return includes preparation from records provided to ourselves, submission to Inland Revenue and any correspondence required to gain their agreement. Fees start from £85.00 for sole traders but if you have other sources of income please contact us with details of your requirements and we will be happy to discuss your fees.

Book Keeping 

As with all businesses it is essential that you keep accurate records of all your income and expenditure to enable you to access your financial liabilities to H.M. Inland Revenue and if applicable H.M Customs and Excise. We therefore offer help and advice in setting up a book keeping system that is extremely user friendly, easy to use enabling you to spend more time doing what you have been trained to do, teach people how to drive.

The book keeping system that we use is QuickBooks by Intuit. You can find all the details about this software package at www.intuit.co.uk.  Intuit provide an easy to follow step by step guide to using this package but we also provide more detailed tutorials to ensure you fully understand what happens when you enter your income and receipts, so even if you have absolutely no experience of double entry book keeping or reconciling your bank account, we will provide all the help you need to get you up and running. 

There is no extra charge for all of this help and advise or any of the tutorials on this website as they are developed.

We can also provide a book keeping service for you if you would prefer, which then enables you to get on with the task of building your business.

VAT Value Added Tax 

If your business turnover exceeds a specific limit you are then required to register for VAT and submit a VAT return every 3 months. You need to charge VAT on all your taxable supplies from your date of registration and keep:

Every three months you need to fill in a VAT Return with details of your sales and purchases. You can do this online or using a paper return. If the VAT on your sales is more than the VAT on your purchases you pay the difference to H.M. Customs & Excise.

On the other hand, if the VAT on your purchases is more than the VAT on your sales you can claim the difference back.

Annual Accounts 

We will provide you with a specifically designed company file in your own trading name for you to use on your laptop or stand alone computer. We can also provide at a reduced cost the software package QuickBooks by Intuit. www.intuit.co.uk will provide all the information about QuickBooks and the suitability of this software package for your business. You will learn very quickly how to keep your records up to date on a regular basis. We have tutorials on every aspect of entering your income and receipts into QuickBooks so that you can be sure that you are doing the right thing! 

We are always at the end of a phone line or email if you ever feel that it is all too much and will get you back on track with more confidence than you had before. Once a year we ask you to email a back up copy of your company file to enable us to extract the information for your annual accounts. Your file will be checked for any errors and corrected if necessary. Any journal entries will be entered prior to emailing the file back to you.

Your accounts will be prepared and have to be agreed with you before we prepare your Self Assessment Tax Return, which again, once agreed with you will be submitted online direct to the Inland Revenue Gateway Site.

Cash flow is one of the most important factors for any start up business so we will provide help and advice on how to plan you cash flow in your business plans. By taking the time to work out your monthly expenditure for personal and business, you can then work out how much you have to earn on a weekly basis to cover your costs and hopefully then make a profit.

PAYE 

If you employ staff, you have obligations to the Inland Revenue. It will be your responsibility to make sure that you deduct the correct amount of tax and national insurance for each employee, keep all the relevant Inland Revenue forms up to date and submit the annual returns on time.

We can provide a payroll service designed to meet your requirements ensuring that your legal obligations on time.

Adsum will calculate your employee pay on a weekly or monthly basis, provide payslips and keep all regulatory Inland Revenue forms updated. At the end of the tax years, all annual PAYE returns can be filed online by Adsum Business Centre.